FUTURES WRAP: LME scrap, rebar futures shift into near-term contango

摘要

The scrap and rebar forward curves on the London Metal Exchange shifted from a soft backwardation into a bell-shaped curve over August-November contracts, forming near-term contango structures from August to September, before both curves shifted into a backwardation from September to November. Both scrap and rebar futures contracts showed losses for August contracts over the week to Aug. 27, while mostly demonstrating gains from September to November. The August LME scrap futures contract was down $3/mt on week, to $286/mt on Aug. 27, while the September contract rose by $5.50/mt over the week to $294/mt, suggesting short-term positive sentiment due to higher scrap bookings in the physical market.